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Spain’s speculative landscapes may be perceived as a test zone for a model of global urbanization that was introduced with neo-liberalization in the 1990s. The huge vacancy rate and the consumption of the landscape in the absence of users and low levels of demand testify to the dubiousness of a form of architectural production that is based purely on the speculative value of the built objects. Bauhaus Lab has developed critical positions, counter-models, and projects that engage with the implications of this form of urbanization.